Eye-Medicine Stock Surges on Top Analyst Upgrade
Markets have picked up the pace from yesterday’s session, but today’s performance remains mixed. At the time of this writing, the Dow was down slightly, even as the S&P 500 and NASDAQ managed to post modest gains. The lingering risk of a US government shutdown is likely contributing to the sagging momentum.
In today’s blog, we take a break from our daily Top Performers to take a look at a ratings change from one of the most highly rated analysts tracked by our system. News Quantified provides our users with constantly updated Win% ratings for major financial analyst groups.
When they make a prediction on a stock, our data helps investors evaluate the predictive quality of the price target. Our news analytics platform enables News Quantified users to consistently find profitable trades, while our Analyst Actions tracking offers real-time business intelligence from some of the top investment groups in the world.
Winning on an outstanding 71% of their price target changes recorded by the News Quantified system, BTIG certainly seems to possess some pentetrating market insights.
Today they upgraded their rating on OCUL, moving the stock from “neutral” to “buy.” Ocular Theraputix focuses on researching, developing, and commercializing treatments for eye disease, utilizing its proprietary “hydrogel platform technology.” Their stock, currently trading around $6.35, has been suffering a years long decline after peaking around $42 in 2015. A legal battle surrounding an NDA from a clinical trial further dogged the stock over the second half of 2017.
BTIG sees OCUL as a strong rebound opportunity as it repositions to launch a flagship treatment—Dextenza—which BTIG analysts believe could be worth over $100 million in annual sales by 2022.
Specifically, BTIG sees the new 6-month regulatory approval timetable laid out by OCUL management as quite realistic.
Investors appear to have taken note of BTIG’s analysis in short order, buying the stock on heavy volume. It is up over 15% on today’s session, all since we first updated our users of the upgrade.
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